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How Long Can A Creditor Try To Collect A Debt
Have you ever opened the mail to find a notice from a collection agency for a bill that you have no clue what it is for? After looking into it, you realize it is a debt from 10 years ago? The first question that usually comes to mind is: Do I have to pay for this?Well, it comes down to the statute of limitations, which is legalese for the amount of time in which a lawsuit must be filed against you by that creditor. Every state has different lengths of time for their statute of limitations, but the Missouri limitations on enforcement are as follows:
Open Account (credit card): 5 years
Written Contract: 10 years
Domestic Judment: 10 years (renewable every 3 years)
Foreign Judgment: 10 years (renewable every 3 years)
For Illinois, use the following:
Open Account (credit card): 5 years
Written Contract: 10 years
Domestic Judgment: 20 years
Foreign Judgment: use limitations period in foreign jurisdiction
Keep in mind that the statute of limitations on debt only means they cannot sue you after that time period has passed. However, it doesn't mean they have to stop trying to collect. In addition, even though the debt is old, it can still hurt your credit for as long as they are reporting the debt delinquent. Debts remain on your credit report for at least 7 years from the date of last reporting.
Finally, keep in mind that a few debts are not subject to the staute of limitations such as child support, student loans, taxes and certain fines.
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